How many share units did Rosalind Brewer receive from United Airlines (UAL)?

Rosalind G. Brewer received 2,130 share units, each economically equivalent to one share of United Airlines common stock. After this grant, her total reported share unit holdings from this award are 2,130, reflecting a compensation-related equity award rather than an open-market stock purchase.

How will Rosalind Brewer’s United Airlines (UAL) share units be settled?

When the share units vest or settle, 50% will be paid in cash and 50% in United Airlines common stock. The cash portion is based on the average high and low stock price on the settlement date, aligning the award’s value with the company’s market performance.

Do Rosalind Brewer’s United Airlines (UAL) share units earn dividends?

Yes. Additional share units accrue whenever United Airlines pays dividends on its common stock. The number of new units equals the cash dividends that would have been paid, divided by the average high and low sale prices of the stock on the dividend payment date.

Rosalind Brewer (NASDAQ: UAL) granted 2,130 director share units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BREWER ROSALIND G reported acquisition or exercise transactions in this Form 4 filing.

United Airlines Holdings director Rosalind G. Brewer received a grant of 2,130 share units, representing the economic equivalent of 2,130 shares of common stock. The award relates to her 2026 annual director equity grant. Upon vesting, 50% of the share units will be settled in cash based on the company’s stock price at settlement and 50% in shares of common stock. Brewer elected to defer 50% of this 2026 equity award into a share account under the Director Equity Incentive Plan, to be settled after she separates from service. Additional share units will accrue over time as dividends are paid on the company’s common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider BREWER ROSALIND G

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Units	2,130	$0.00	--

Holdings After Transaction: Share Units — 2,130 shares (Direct, null)

Footnotes (1)

Each share unit represents the economic equivalent of one share of common stock. Upon vesting, the share units are settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash. (Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer 50% of the Reporting Person's 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP"). Therefore, 50% of all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service in accordance with the terms of the DEIP. Additional share units accrue when and as dividends are paid on the Company's common stock. The number of share units accrued will be equal to the dollar amount of dividends that would be payable if the share units were actual shares of common stock, divided by the average of the high and low sale prices of a share of the Company's common stock on the date dividends are paid.

Key Figures

Share units granted: 2,130 share units Underlying common stock: 2,130 shares Settlement mix: 50% cash / 50% stock +2 more

5 metrics

Share units granted 2,130 share units 2026 annual director equity award grant on May 20, 2026

Underlying common stock 2,130 shares Each share unit equals one share of common stock

Settlement mix 50% cash / 50% stock Settlement allocation upon vesting or settlement of share units

Deferral election 50% of 2026 award deferred Deferred into share account under Director Equity Incentive Plan

Vesting/settlement date reference May 20, 2027 Exercise/vesting-related date associated with awarded share units

Key Terms

share units, Director Equity Incentive Plan, DEIP, dividends, +1 more

5 terms

Director Equity Incentive Plan financial

"pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP")."

DEIP financial

"in accordance with the terms of the DEIP."

dividends financial

"Additional share units accrue when and as dividends are paid on the Company's common stock."

Dividends are cash payments a company gives to its shareholders from profits or cash reserves, effectively sharing part of its earnings with owners. They matter to investors because they provide a steady income stream, act like an interest or rent payment on owning the stock, and signal management’s confidence in the business—factors that influence total return and share price. Regular or special dividends can change an investor’s income and reinvestment strategy.

Form 4 Insider Transactions: What Each Field Means →

05/22/2026 - 04:35 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BREWER ROSALIND G

(Last)

(First)

(Middle)

P. O. BOX 66100 HDQLD

(Street)

CHICAGO

ILLINOIS

60666

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
United Airlines Holdings, Inc. [ UAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Share Units	⁽¹⁾⁽²⁾	05/20/2026		A		2,130⁽³⁾		05/20/2027	⁽¹⁾⁽²⁾	Common Stock	2,130	$0	2,130	D

Explanation of Responses:

1. Each share unit represents the economic equivalent of one share of common stock. Upon vesting, the share units are settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash.

2. (Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer 50% of the Reporting Person's 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP"). Therefore, 50% of all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service in accordance with the terms of the DEIP.

3. Additional share units accrue when and as dividends are paid on the Company's common stock. The number of share units accrued will be equal to the dollar amount of dividends that would be payable if the share units were actual shares of common stock, divided by the average of the high and low sale prices of a share of the Company's common stock on the date dividends are paid.

Remarks:

	/s/ James Cotton for Rosalind G. Brewer	05/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did United Airlines (UAL) director Rosalind Brewer report on this Form 4?

Rosalind G. Brewer reported receiving a grant of 2,130 share units tied to United Airlines common stock. These units form part of her 2026 annual director equity award and will convert into a mix of cash and shares when they vest or are ultimately settled.

What deferral election did Rosalind Brewer make for her 2026 UAL director equity award?

Rosalind Brewer elected to defer 50% of her 2026 annual director equity award into a share account under United Airlines’ Director Equity Incentive Plan. That deferred portion will be settled only after her separation from service, according to the plan’s terms and timing rules.

Is Rosalind Brewer’s Form 4 grant in UAL shares a market purchase or compensation?

The 2,130 share units reported are a compensation-related grant, not a market purchase. They were awarded as part of Brewer’s 2026 annual director equity compensation package, with no cash price paid per unit and settlement tied to future vesting and plan terms.